Recovery of loan
Rudrangshu
(Querist) 19 February 2016
This query is : Resolved
My close relative took a personal loan (unsecured)in the year 2008 from ABN Amro, naturally upon agreement with ABN Amro Bank.. He made a part payment in that year. However, then his financial condition deteriorated and he was unable to pay the remaining balance amount. In the meantime, to my knowledge, ABN Amo Bank also sold the concerned division to Royal Bank of Scotland. Royal Bank of Scotland also sold the division to Kotak Mahindra Bank. My relative had also changed his residence in 2010. Now after 7 years ( almost 8 years), representatives from Kotak Mahindra Bank are harassing my relative for recovery of loan. Is the claim of Kotak Mahindra Bank legally valid ? Also, is it barred by limitation of time ? What legal stand and step should my relative take ? Thanks.
Adv. Yogen Kakade
(Expert) 19 February 2016
what do you mean by barred by limitation?
As he has borrowed the loan it's his liability to repay with interest.
You can finally go for settlement.
The bank can recover the due amount of loan but the bank does not have any right to harass anyone for the recovery.
Rajendra K Goyal
(Expert) 19 February 2016
Recovery team of the Bank has no right to harass any borrower.
If you have not deposited any installment in last three years, nor have acknowledged any liability in any way during this period, the loan would be time barred.
Kumar Doab
(Expert) 19 February 2016
The calls made to you might be from recorded lines.
You may show all loan related documents,payments made, and also update on what was discussed during the calls including admission of debt............
Your lawyer that has examined all inputs by you can advise you on limitation.
If you are being harassed you can lodge police complaint, complaint with RBI,Bank's MD, Local BM etc.........and ask to stop the phone calls.
You can ask (record calls) all callers to stop calling and send letters on letterhead under seal and signature thru Redg. Post only.
